Question

Calculate the finance charge (in $), the finance charge per $100 (in $), and the annual percentage rate for the installment loan by using the APR table, Table 13-1. (Round dollar amounts to the nearest cent.)

Amount
Financed
Number of
Payments
Monthly
Payment
Finance
Charge
Finance Charge
per $100
APR
$50,000 60 $1,176.33 $ $ %

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Amortized Loans

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